Foreign reserves fall $200m

Central Bank of Egypt said on Thursday that net international reserves fell by $200m.(AFP photo)

Egypt’s net international reserves fell by $200m, registering $17.28bn at the end of May, down from $17.48bn in April, the Central Bank of Egypt (CBE) announced on Thursday.

The slump came after witnessing a minimal surge in April when foreign reserves rose by $0.07bn from March’s $17.41bn.

In efforts to provide banks with foreign currency to meet clients’ import needs of food commodities ahead of Ramadan, the CBE held an “exceptional foreign exchange auction” on 14 May, selling $1bn.

Foreign reserves declined continuously from September until the end of December. At the end of September foreign reserves amounted $18.7bn, a $0.2bn drop from August numbers. Reserves fell to $18.59bn in October, $17.76bn in November and $17.05bn in December.

The rise of reserves started in January, reaching $17.105bn, and continued through February to register $17.3bn.